Wrapbook, which builds payroll, insurance and compliance technology, has bagged $3.6m in its seed round of funding.
The investment was led by Equal Ventures, a US-based seed-stage investor.
Wrapbook automates payroll fillings and tax payments, with it capable of calculating both federal and local taxes across the whole of the US. Its technology also calculates employer fringes and timecards, as well as collecting union pension and health benefits.
In addition to improving payroll management, the technology can be used to streamline digital onboarding and ensuring compliance measures are met.
Finally, platform can be used to take out insurance coverages for production equipment such as recording, editing and sound items.
Wrapbook’s goal is to become the premier payroll processing platform for the entertainment industry, which is valued at around $181bn, according to the Motion Picture Association.
Equal Ventures general partner Richard Kerby said, “Wrapbook is the first and only platform of its kind to embrace the worker, enabling them to create and own a fully portable digital profile that securely stores banking details, tax identification, and other essential HR compliance records.
“Customers love that the Wrapbook team has combined its deep knowledge of the creative industry with an impressive technical stack to completely reimagine the tedious process of setting up distributed teams.”
Copyright © 2020 FinTech Global